Japan Topix closes at 31-year highs, Nikkei at 5-months peak

Japan stock market finished session at fresh 31-year high on Tuesday, 07 September 2021, extending the winning streak to seven market days, due to growing speculation about fresh stimulus package from the next premier of the world's third-largest economy for lifting domestic economy from the COVID-19 pandemic.

At closing bell, the 225-issue Nikkei Stock Average advanced 256.25 points, or 0.86%, to 29,916.14, its highest level since 5 April 2021. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 22.16 points, or 1.09%, to 2,063.38, refreshing the highest closing level since 16 August 1990.

Trading volume on the main section increased to 1,257 million shares worth 3.43 billion yen from Monday's 1,176 million shares worth 3.04 billion yen.

Total 30 of 33 industry groups advanced on the Topix, with top performing sectors were Air Transportation (up 2.7%), Information & Communication (up 2.7%), Land Transportation (up 2.4%), Warehousing & Harbor Transportation Services (up 2.1%), Fishery, Agriculture & Forestry (up 1.6%), Chemicals (up 1.4%), and Oil & Coal Products (up 1.4%) sectors, while Pulp & Paper (down 1.1%) was worst performer, followed by Metal Products (0.4%) sector.

Trade was led by purchases on continued expectations that a new government will launch economic stimulus after Prime Minister Yoshihide Suga said last week he will not run for his ruling party's leadership, effectively ending his tenure.

CURRENCY NEWS: The dollar moved around upper 109 yen level in Tokyo trading on Tuesday. The dollar stood at 109.89-109.89 yen, almost unchanged from 109.88-109.89 yen at the same time Monday. The euro was at 130.51-52 yen, up from 130.36-37 yen.

Powered by Capital Market - Live News